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The Student Accounts Office knows how important customer service is to Clark University students. Please feel free to contact us, should you have any comments or questions.
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Accounts Receivable - IV. Awards
1098T
Tax Forms
Overview
All
domestic students, who took classes during a given calendar year at Clark
University, will receive a 1098T tax form in late
January. Reported on this form is the amount of qualified expenses you were charged
as well, any scholarships, grants or remission you received.
Instructions for Students
An eligible educational
institution, such as a college or university, in which you are enrolled and an
insurer who makes reimbursements or refunds of qualified tuition and related
expenses to you, must furnish this statement to you. You, or the person who may
claim you as a dependent, may be able to take
either
the tuition and fees deduction
or
claim an education credit on
Form 1040 or 1040A for the qualified tuition and related expenses that were
actually paid in 2004. The amount shown in box 1 or 2 may represent an amount
other than the amount actually paid in 2004. Your institution must include its
name, address, and information contact telephone number on this statement. For
more information about the deduction or credit, see
Pub. 970,
Tax Benefits for Education,
Form 8863,
Education Credits, and the Form
1040 or 1040A instructions at www.irs.gov.
Box 1.
Shows the total payments
received for qualified tuition and related expenses less any related
reimbursements or refunds.
Box 2.
Shows the total amounts billed
for qualified tuition and related expenses less any related reductions in
charges.
Box 3.
Shows any adjustment made for a
prior year for qualified tuition and related expenses that were reported on a
prior year Form 1098-T. This amount may reduce any allowable education credit
you may claim for the prior year. See Form 8863 or Pub. 970 for more
information.
Box 4.
Shows the total of all
scholarships or grants administered and processed by the eligible educational
institution. The amount of
Box 5.
Shows adjustments to
scholarships or grants for a prior year. This amount may affect the amount of
any allowable tuition and fees deduction or education credit you may claim for
the prior year. See Form 8863 for how to report these amounts.
Box 6.
If this box is checked, the
amount in box 1 or 2 includes amounts for an academic period beginning
January-March 2005. See Pub. 970 for how to report these amounts.
Box 7.
Shows the total amount of
reimbursements or refunds of qualified tuition and related expenses made by an
insurer. The amount of reimbursements or refunds for the calendar year may
reduce the amount of any allowable tuition and fees deduction or education
credit you may claim for the year.
Box 8.
Shows whether you are considered
to be carrying at least one-half the normal full-time workload for your course
of study at the reporting institution. If you are at least a half-time student
for at least one academic period that begins during the year, you meet one of
the requirements for the Hope credit. You do not have to meet the workload
requirement to qualify for the tuition and fees deduction or the lifetime
learning credit.
Box 9.
Shows whether you are considered
to be enrolled in a program leading to a graduate degree, graduate-level
certificate, or other recognized graduate-level educational credential. If you
are enrolled in a graduate program, you are not eligible for the Hope credit,
but you may qualify for the tuition and fees deduction or the lifetime learning
credit.
Hope Scholarship and Lifetime Learning Tax Credit Defined
Beginning January 1, 1998, taxpayers may be eligible to claim a nonrefundable
Hope Scholarship Credit against their federal income taxes. The Hope
Scholarship Credit may be claimed for the qualified tuition and related expenses
of each student in the taxpayer's family (i.e., the taxpayer, the taxpayer's
spouse, or an eligible dependent) who is enrolled at least half-time in one of
the first two years of postsecondary education and who is enrolled in a program
leading to a degree, certificate, or other recognized educational credential.
The amount that may be claimed as a credit is generally equal to: (1) 100
percent of the first $1,000 of the taxpayer's out-of-pocket expenses for each
student's qualified tuition and related expenses, plus (2) 50 percent of the
next $1,000 of the taxpayer's out-of-pocket expenses for each student's
qualified tuition and related expenses. Thus, the maximum credit a taxpayer may
claim for a taxable year is $1,500 multiplied by the number of students in the
family who meet the enrollment criteria described above.
The amount a taxpayer may claim as a Hope Scholarship Credit is gradually
reduced for taxpayers who have modified adjusted gross income between $40,000
($80,000 for married taxpayers filing jointly) and $50,000 ($100,000 for married
taxpayers filing jointly). Taxpayers with modified adjusted gross income over
$50,000 ($100,000 for married taxpayers filing jointly) may not claim the Hope
Scholarship Credit. Both the dollar limitation on the expenses for which the
credit may be claimed and the modified adjusted gross income limitation will be
indexed for inflation in 2002 and years thereafter.
The Hope Scholarship Credit may be claimed for payments of qualified tuition
and related expenses made on or after January 1, 1998, for academic periods
beginning on or after January 1, 1998. Therefore, the first time taxpayers will
be able to claim the credit is when they file their 1998 tax returns in 1999.
The Hope Scholarship Credit is not available for any amount paid in 1997.
Beginning on July 1, 1998, taxpayers may be eligible to claim a nonrefundable Lifetime
Learning Credit against their federal income taxes. The Lifetime Learning
Credit may be claimed for the qualified tuition and related expenses of the
students in the taxpayer's family (i.e., the taxpayer, the taxpayer's spouse, or
an eligible dependent) who are enrolled in eligible educational institutions.
Through 2002, the amount that may be claimed as a credit is equal to 20 percent
of the taxpayer's first $5,000 of out-of-pocket qualified tuition and related
expenses for all the students in the family. After 2002, the credit amount is
equal to 20 percent of the taxpayer's first $10,000 of out-of-pocket qualified
tuition and related expenses. Thus, the maximum credit a taxpayer may claim for
a taxable year is $1,000 through 2002 and $2,000 thereafter. These amounts are
not indexed for inflation.
If the taxpayer is claiming a Hope Scholarship Credit for a particular
student, none of that student's expenses for that year may be applied toward the
Lifetime Learning Credit. The amount a taxpayer may claim as a Lifetime Learning
Credit is gradually reduced for taxpayers who have modified adjusted gross
income between $40,000 ($80,000 for married taxpayers filing jointly) and
$50,000 ($100,000 for married taxpayers filing jointly). Taxpayers with modified
adjusted gross income over $50,000 ($100,000 for married taxpayers filing
jointly) may not claim a Lifetime Learning Credit. The modified adjusted gross
income limitation will be indexed for inflation in 2002 and years thereafter.
The definition of modified adjusted gross income is the same as it is for
purposes of the Hope Scholarship Credit.
The Lifetime Learning Credit may be claimed for payments of qualified tuition
and related expenses made on or after July 1, 1998, for academic periods
beginning on or after July 1, 1998. Therefore, the first time taxpayers will be
able to claim the credit will be when they file their 1998 tax returns in 1999.
The Lifetime Learning Credit is not available for any amount paid in 1997.
If you are a current day, graduate undergraduate or COPACE student and need a
printout of your account, you can log onto Web for Student to retrieve your
account information. If you are a GSOM student please call 508-793-7543.
For all other questions please call 508-421-3801
or email Linda Winslow, lwinslow@clarku.edu.
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